ERGOS, a farmer-centric technology platform, backed by Aavishkaar Capital, Chiratae Ventures and British International Investment, that enables farmers to digitise their farm produce and provides them with doorstep access to post-harvest supply chain solutions, today announced that it has enabled its lending partners to achieve disbursement of over Rs 100 crore to small and medium scale farmers and buyers.
This was achieved through the recent launch of ERGOS’ credit product for the farming community which has enabled thousands of farmers in three different states to access institutional credit.
ERGOS’ credit product provides tailor-made credit solutions to small and medium-scale farmers and buyers through data-backed technology. ERGOS’ platform allows farmers and buyers to access asset-backed low-cost credit irrespective of their socio-economic background or limited credit history.
The product leverages data-driven insights and a unique risk-scoring matrix that is based on the farmer’s field profiling, crop pattern, the value of their produce digitised and performance patterns of the crops that are being cultivated by the farmers.
“We have been able to convince farmers to adopt mobile-driven technology and engage in transactions using bank accounts electronically as against cash, which also helps farmers to improve their credit score as we had zero defaulters and 100 per cent of loans are being closed on time,” observed Umesh Gowda, chief technology officer (CTO) of ERGOS.
"The ERGOS’ platform is well-equipped to serve farmers all across the country. With a presence in over 50 plus districts and partnerships with banks and local institutions, the company is confident of growing 3x in the financial year 2024 (FY24) and building an annual disbursal book of Rs 5,000 crore by FY28,” added Kishor Jha, founder and chief executive officer (CEO) of ERGOS.
"The leadership team at Ergos has continued to build and execute on their vision of creating Ergos as a “farmerfirst” Grainbank that allows a farmer to store their grains safely, avail instant financing against their stored stock and discover the best market price for their produce, all facilitated via few clicks on the Ergos App," stated Ajay Maniar, Partner at Aavishkaar Capital.